Nike Inc., FCFE calculation

US$ in millions

12 months ended:	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
Net income	5,700)	5,070)	6,046)	5,727)	2,539)	4,029)
Net noncash charges	1,013)	1,284)	802)	885)	1,191)	1,312)
Changes in certain working capital components and other assets and liabilities	716)	(513)	(1,660)	45)	(1,245)	562)
Cash provided by operations	7,429)	5,841)	5,188)	6,657)	2,485)	5,903)
Additions to property, plant and equipment	(812)	(969)	(758)	(695)	(1,086)	(1,119)
Proceeds from borrowings, net of debt issuance costs	—)	—)	—)	—)	6,134)	—)
Increase (decrease) in notes payable, net	—)	(4)	15)	(52)	49)	(325)
Repayment of borrowings	—)	(500)	—)	(197)	(6)	(6)
Free cash flow to equity (FCFE)	6,617)	4,368)	4,445)	5,713)	7,576)	4,453)

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

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Item	Description	The company
FCFE	Free cash flow to equity is the cash flow available to Nike Inc. equity holders after all operating expenses, interest, and principal payments have been paid and necessary investments in working and fixed capital have been made.	Nike Inc. FCFE decreased from 2022 to 2023 but then increased from 2023 to 2024 exceeding 2022 level.

Nike Inc., current P/FCFE calculation, comparison to benchmarks

No. shares of common stock outstanding	1,488,495,736
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)	6,617)
FCFE per share	4.45
Current share price (P)	76.94
Valuation Ratio
P/FCFE	17.31
Benchmarks
P/FCFE, Competitors¹
lululemon athletica inc.	28.10
P/FCFE, Sector
Consumer Durables & Apparel	34.23
P/FCFE, Industry
Consumer Discretionary	41.96

Based on: 10-K (reporting date: 2024-05-31).

¹ Click competitor name to see calculations.

If the company P/FCFE is lower then the P/FCFE of benchmark then company is relatively undervalued.
Otherwise, if the company P/FCFE is higher then the P/FCFE of benchmark then company is relatively overvalued.

Nike Inc., historical P/FCFE calculation, comparison to benchmarks

	May 31, 2024	May 31, 2023	May 31, 2022	May 31, 2021	May 31, 2020	May 31, 2019
No. shares of common stock outstanding¹	1,499,358,944	1,529,971,608	1,568,555,905	1,581,801,224	1,559,888,549	1,566,888,373
Selected Financial Data (US$)
Free cash flow to equity (FCFE) (in millions)²	6,617)	4,368)	4,445)	5,713)	7,576)	4,453)
FCFE per share³	4.41	2.85	2.83	3.61	4.86	2.84
Share price^1, 4	71.41	107.53	111.62	159.74	98.43	86.70
Valuation Ratio
P/FCFE⁵	16.18	37.66	39.39	44.23	20.27	30.51
Benchmarks
P/FCFE, Competitors⁶
lululemon athletica inc.	36.70	124.26	44.24	72.00	67.67	37.18
P/FCFE, Sector
Consumer Durables & Apparel	—	43.71	40.28	46.76	22.57	31.20
P/FCFE, Industry
Consumer Discretionary	—	30.84	36.19	82.92	32.04	28.99

Based on: 10-K (reporting date: 2024-05-31), 10-K (reporting date: 2023-05-31), 10-K (reporting date: 2022-05-31), 10-K (reporting date: 2021-05-31), 10-K (reporting date: 2020-05-31), 10-K (reporting date: 2019-05-31).

¹ Data adjusted for splits and stock dividends.

² See details »

³ 2024 Calculation
FCFE per share = FCFE ÷ No. shares of common stock outstanding
= 6,617,000,000 ÷ 1,499,358,944 = 4.41

⁴ Closing price as at the filing date of Nike Inc. Annual Report.

⁵ 2024 Calculation
P/FCFE = Share price ÷ FCFE per share
= 71.41 ÷ 4.41 = 16.18

⁶ Click competitor name to see calculations.

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Valuation ratio	Description	The company
P/FCFE	Price to free cash flow to equity is cash valuation indicator of stockholders’ equity.	Nike Inc. P/FCFE ratio decreased from 2022 to 2023 and from 2023 to 2024.

Nike Inc. (NYSE:NKE)

Price to FCFE (P/FCFE)

Free Cash Flow to Equity (FCFE)

Price to FCFE Ratio, Current

Price to FCFE Ratio, Historical